Blog
Recent Blog Posts
I have heard that I can “disclaim” inherited assets or property. What does this mean?
A “disclaimer” is the refusal to accept a gift, bequest, or beneficiary designation on an account (e.g., an IRA or life insurance policy). The person making the disclaimer must disclaim this property within nine months and not have accepted any interest in the property. As an example, say Sue is the named beneficiary on her uncle’s […]
In Terrorem Clause/No Contest Clause
You may have heard of an “In Terrorem Clause,” also called “No-Contest Clause.” Joan Rivers had one in her Will.* This is a provision that can be included in a Will which states that if any beneficiary or legal heir of the Estate tries to contest the Will, they will be treated as though they predeceased he […]
IRS Subpoenas and Summons—What to do?
The IRS is getting much more aggressive in seeking and collecting monies that may be owed. A number of my clients have received summons from the IRS. The IRS does have the power to issue administrative summons to taxpayers, oftentimes requiring them to produce papers, books, or other documents, and requiring them to appear before […]
Q and A: Non-Probate Property
Q: My relative just passed away. It says in their Will that their IRA goes to me, but I found out that it is passing to someone else instead. What’s going on? A: An IRA account is a type of asset called “non-probate property.” This means that regardless of what is written in a person’s […]
Hoarding: How Does It Affect You?
We are all affected by hoarders. Some of us more directly than others. Almost everybody has an “Uncle Charlie” in their family who has been collecting things forever. Is he a hoarder? Does he need help? If he does need help, how can you help him? Even if you don’t have a direct connection to […]
IRS Taxpayer Bill of Rights
The IRS recently adopted a “Taxpayer Bill of Rights.” These rights already exist in the tax code, but this initiative is intended to consolidate those rights into more straightforward categories to improve taxpayers’ understanding of what rights they have before the IRS. The provisions included in the Taxpayer Bill of Rights are: 1. The Right […]
1031 Exchanges
Often clients will come to us wanting to sell a property, but feel trapped by the high capital gains taxes that they would incur by selling. We have the pleasure of informing these clients that there is a special rule in the Internal Revenue Code that will allow them to defer capital gains by making […]
Unclaimed Property (Part 2)
Earlier, we began to discuss how to claim your own Unclaimed Property (See Part 1 on Unclaimed Property here). But what if the owner of the Unclaimed Property is deceased? The process is still very simple, and similar to the process described above, but with some extra documentation required. Be aware that only the Executor or the Administrator of the decedent’s Estate […]
“Scams” Targeting New Homeowners
Certified Copy of Your Deed. All homeowners should be aware that, for several years now, a company called “National Deed Service” or “National Record Service” targets homeowners (new homeowners in particular) advising them that they must have a certified copy of their Deed. This is not the case. The company is selling an unnecessary product. […]
Unclaimed Property (Part 1)
When property (like a bank account, annuity, or life insurance policy) goes untouched or unclaimed for a certain amount of time, it “escheats” to the State. The property still belongs to the original owner, but you now have to go through your state’s Unclaimed Property division in order to claim your property. To find out […]
